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Beijing opens wider to foreign investment

  • Written by People's Journal
  • Published in Business
  • Read: 1429

Beijing municipality will relax its market accession rules for foreign investment in travel, aircraft maintenance and performance brokerages, an official statement said Tuesday.
Rules and regulations will be adjusted from now until May 5, 2018, according to a statement released by the State Council, the country's cabinet.
During the period, qualified travel agencies jointly invested by Chinese and foreign capital will be allowed to provide services to Chinese tourists traveling abroad and to Hong Kong and Macao special administrative regions.
The city will also allow foreign capital to set up wholly-owned entertainment brokerage companies and provide services within the municipality.
Last May, the State Council approved a plan for Beijing to carry out a three-year pilot scheme to open its service industry wider to foreign investment.
The pilot program covers six service areas that are comparatively mature, including science and technology, Internet and information services, culture and education, business and travel, financial services, health and medical services.

TFA helps to promote global trade

WTO Trade Facilitation Agreement  has the potential to increase global merchandise exports by up to USD1 trillion every year, according to the WTO's World Trade Report 2015 released here Monday.
The report estimated that over the 2015-2030 horizon, implementation of the TFA would add around 2.7 percent per year to world export growth and more than a half percent per year to world GDP growth.
The report "provides new evidence of the significant boost that the agreement will provide by expanding world trade, reducing costs and helping developing and least-developed countries to integrate into an increasingly globalized production system," said WTO's director-general Roberto Azevedo, in marking the launch of the report.
The report also noted that developing countries in particular stand to gain from swift and full implementation of the TFA. In addition to boosting world trade and output, the FTA is expected to help developing countries diversify their exports, by increasing the number of products exported per destination as well as the number of markets per product.
Meanwhile, by improving timeliness and predictability in the delivery of intermediate goods, the TFA should increase the opportunity for implementing developing countries to participate in global value chains, added the report.
The TFA was agreed by WTO members at a ministerial conference in Bali in December 2013. It was the first multilateral agreement successfully negotiated at the WTO.
The 2015 World Trade Report is the first major study since the agreement was reached in Bali to examine its economic implications in full. The aim of this report is to provide a fresh, rigorous analysis based on a clause-by-clause study of the final agreement text.